Coronovirus – Worried About How You Are Going to repay your debts
As discussed in this recent article from the Guardian the possibility of up to a fifth of the working population and the growing uncertainty on the effects on the economy members of the public have:
“With the disruption to the normal working week comes a myriad of questions for employees, employers, contractors and casual workers about what their rights are at such an unprecedented time – and how to ensure that any money problems stay short term and don’t stretch into the future.”
Statutory sick pay is only £94 a week and the standard allowance in universal credit is just £73 a week – that is less than a quarter of the average income. For many people, this will mean their normal debt repayments will now become unmanageable.
We have also created an article that discusses the uncertainty around self-employed debt concerns and what help we are able to give.
The worst tactic is to try and borrow to get through any problems. As the crisis may last a number of weeks or months, people could see debts mount up and become unaffordable even when things do return to normal.
If you were already concerned about unmanageable debt and unsure about what to do, please do not hesitate to get in touch with one of our experienced advisers who can guide you through all of the options available.
What is my next step?
Get Help With Debt (part of CD Fairfield Capital) are authorised and regulated by the Financial Conduct Authority and only ever follow strict advice guidelines. If another solution is better for you, we’ll advise you of it during your free consultation If you are worried about the cost and affordability of repaying all of your debts then call to arrange a no-obligation chat with one of our experienced advisors today on 02890 393626.